Fact #1 – The Sheridan, WY Real Estate Market Has Changed
Not long ago Sheridan, Big Horn, Story and Ranchester home sellers could offer their homes for sale and ask the buyer to make any minor repairs after the sale. In that market buyers bought properties and agreed to pay for the repairs. With the competitive nature of the current Sheridan real estate market, those days are gone. Not that I agree with the negative message the national news media continues to “beat” that the “real estate sky is falling“, I simply say that the Sheridan real estate market has actually “normalized”.
Fact #2 – It’s Time For Rational Real Estate Pricing in Sheridan
This means it’s time for our sellers to face the reality that homes must be in move-in condition and that sellers must accurately price their homes before they hit the market. It is more important now than ever before. Too often, sellers have a figure in mind what they think their home is worth before the for sale sign is ever placed in the front yard.
Here is a reality check:
1. What you may have previously paid for your Sheridan home does not affect its value in today’s market.
2. The amount of cash you need from the sale of your Sheridan home does not have any affect how much your home is worth.
3. What I say your Sheridan property is worth does not determine its ultimate value.
4. What another Sheridan County real estate agent or agency says your property is worth does not affect its value.
5. What a Sheridan County tax assessor says your Sheridan or Big Horn home is worth does not affect its value.
6. Your emotional attachment to your Sheridan home with all its wonderful memories does not impact the value of your home.
Fact #3 – The Buyer Always Determines the Value of Your Sheridan Property!
Further more, the value of your Sheridan home is determined by what a buyer is willing to pay in today’s Sheridan real estate market based on comparing your home to other recently sold properties with similar features and comparable condition. That is determined by hard data from recently sold properties in the Sheridan County area provided by a market analysis (CMA). No emotion, all data.
So How About You – As a Perspective Sheridan Home Buyer or Seller….
What’s your take on our current real estate market? Are Sheridan home sellers being rational with their home values and are buyers making reasonable offers? I look forward to your comments.
In my next post I will discuss “How to Avoid Price Reductions in the Sheridan Real Estate Market“.
Until my next post,
Bruce Garber
Your Sheridan Real Estate Resource
CENTURY 21 BHJ Realty, Inc.